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Stocks closed the week mixed as profit-taking and Fed-driven volatility created seesaw trading action in the major indexes. The Nasdaq posted a weekly decline of 0.4%, the S&P 500 ended flat and the Dow Jones Industrial Average rose 0.5%.

Stocks will take their direction from economic data today after yesterday's drenching from negative April chain store sales took the Dow down 147 points and bit 1.7% off the Nasdaq and 1.4% off the S&P 500. European markets are lower, following overnight weakness in Asian markets.

Stocks recovered from earlier losses to close near the unchanged mark as investors took positions ahead of tomorrow's Fed meeting. "Investors are basically still cautious despite this big run and although we're very overbought, I think the fact that we could get this overbought is bullish in itself," said Bruce Bittles, chief investment strategist at Robert W. Baird.

Here's our update of facts and figures for today. We'll start with the trivia questions. The video is worth $2,000 Bonus Bucks: Thomson reported today that it was in talks with Reuters over a potential merger. How much would the deal be worth? Your selection of answers is: Answer: $17.6 billion. Your selection of answers is: $17.6 Billion or $22.4 Billion or $20.3 Billion or $32 billion.

Here are today's trivia questions. The video is worth $2,000 Bonus Bucks: Thomson reported today that it was in talks with Reuters over a potential merger. How much would the deal be worth? Your selection of answers is: Answer: $17.6 billion. Your selection of answers is: $17.6 Billion or $22.4 Billion or $20.3 Billion or $32 billion. And the news question is worth $1,000 Bonus Bucks: According to the latest National Federation of Independent Business index, what percentage of owners reported unfilled job openings? Your selection of answers is 8% or 19% or 26% or 43%.

It should surprise no one who watches the ups and downs of Wall Street that a horse named Street Sense would come from way behind to win the Kentucky Derby. The week ahead looks like it will put everyone's street sense to the test as a louder chorus of market watchers use the word "caution" when it comes to buying stocks.

Stocks wrapped up another record week as potential merger deals pushed the major markets higher. "The market responded very well this week to the raft of mergers and acquisitions announcements and private equity deals," said Quincy Krosby, chief investment strategist at The Hartford.

Media stocks are cheap, so some big players in the industry are saying “Let’s make a deal.” This week's flurry of potential media mergers includes such heavyweights as News Corp., Dow Jones, Reuters and Thomson. Analysts say that the main driver behind the proposed combinations is that media stocks are relatively cheap, making companies ripe for picking.

Reuters Group appears willing to endorse a takeover offer from Canada's Thomson Corp., the Financial Times reported. Success or failure of the deal will depend on whether the two sides can convince directors of the Founders Share Company that Reuters' editorial integrity would not be compromised, FT said.

Mergers and acquisitions activity was brisk on Monday, giving stocks a lift as M&A deals spanned several industries, including energy, and added to optimism about the prospects for growth in both corporate profits and the U.S. economy.

Stocks closed solidly higher as investors took encouragement from more than $10 billion of announced acquisitions. "We think the one-day drop of a week or so ago was way overdone," Bob Turner, chief investment officer at Turner Investment Partners, told CNBC. "The trend that's been in place over the last several years of an upward bias to the market is still in place."

Merger madness is gripping Wall Street this morning and stocks, so far, are ready to sprint higher at the open. European markets are trading higher, and Asian stocks rose overnight, with a weaker yen helping lift Japan's Nikkei more than 1.6%.